Capes experience renewed strength on Brazilian activity
The average weighted time charter on the Baltic Exchange rose 4.4% to $38,217 per day from a week ago, reaching the highest level since mid-May, while the capesize index increased by 194 points to 4,608 points at the close on Thursday
The number of capes able to load in Brazil for the end August and into September is very limited, and expectations of a further increase in earnings is strong as the price of iron ore has declined in the past few days